In September 2026, Invelon, a Spanish technology company specialising in virtual, augmented and mixed reality, has completed the acquisition of a majority stake in byAR, a Portuguese company specialising in museum exhibitions and the development of interactive and immersive spaces for the cultural and heritage sectors. Baker Tilly Tech M&A has acted as exclusive financial adviser to Invelon on the transaction..
Key details of the transaction
| Buyer | Invelon (Spain) |
| Target | byAR (Portugal, with offices in Lisbon and Porto) |
| Type of transaction | Acquisition of a majority stake |
| Closing | September 2026 |
| Sector | Immersive technologies: virtual, augmented and mixed reality, cultural digitisation and museography |
| Financial adviser to the buyer | Baker Tilly Tech M&A, exclusively |
| Managing Partner | Diego Gutiérrez |
| Continuity of the management team | Pedro Pereira, CEO of byAR, remains a partner and takes up the post of General Manager of Invelon in Portugal |
The acquisition marks Invelon’s direct entry into Portugal and represents a further step in its international expansion strategy. With byAR, Invelon brings on board a team with extensive experience in cultural digitisation, along with its projects, technology and specialist expertise in immersive experiences.
The deal strengthens Invelon’s offering in tourism, heritage and culture, and provides it with a platform from which to expand its operations in Portugal into other sectors such as industry, education, robotics and Physical AI.
For its part, byAR is joining a technology group with an international presence and complementary capabilities that can accelerate its growth. Pedro Pereira, CEO of byAR, will remain a partner in the company and will take up the post of General Manager of Invelon in Portugal.
Target: byAR
byAR is a Portuguese company, with offices in Lisbon and Porto, specialising in the creation of digital and immersive experiences that connect stories, people and spaces. Its approach combines creativity, content and technology in projects relating to culture, heritage, tourism and museology.
byAR’s capabilities
- Design of museum exhibitions
- Design and production of physical and digital spaces
- Cultural outreach and content production
- Interactive video mapping and immersive audiovisual experiences
- Augmented reality and virtual reality
Featured projects by byAR
byAR has developed projects for museums, visitor centres, exhibitions and tourist attractions. Its work includes, amongst others:
- Elvas Museum of Archaeology and Ethnography
- Côa Park Foundation Museum
- Talha Wine Discovery Centre, in Vidigueira
- Islamic Baths in Loulé
- Nuri Sardine Tour, in Matosinhos
- Faro Story Spot
The company also conceptualises, designs and produces temporary exhibitions, such as ‘Arte Sem Limites’, which was staged at the National Archaeological Museum in Madrid.
Following the transaction, byAR’s knowledge of the Portuguese market and its specialisation in culture and tourism will be combined with Invelon’s technological and commercial capabilities to drive new projects and expand its activities into other sectors.
Investor: Invelon
Invelon is a Spanish technology company specialising in virtual reality, augmented reality and mixed reality solutions. It develops turnkey software tailored to the needs of each client for sectors such as industry, education, healthcare, tourism, architecture, logistics and marketing.
The acquisition of byAR forms part of Invelon’s international growth strategy and marks its first corporate transaction in Portugal. By incorporating the Lisbon and Porto offices into its structure, the company is strengthening its presence in the Iberian Peninsula.
The deal also complements Invelon’s capabilities in immersive technologies with byAR’s expertise in cultural digitisation, museography and the end-to-end creation of interactive experiences.
In recent years, Invelon has pursued a strategy of organic and inorganic growth aimed at expanding its geographical presence, bringing in specialist teams and strengthening its technological capabilities. The move into Portugal marks a further step in this European expansion.
Baker Tilly’s role in the transaction
Baker Tilly has acted as Invelon’s exclusive financial adviser in the negotiations with byAR. Diego Gutiérrez, a partner specialising in the technology sector, has led the team.
The acquisition of byAR follows on from other cross-border transactions involving Portuguese technology companies in which Baker Tilly has been involved in 2026, such as Lyngsoe’s acquisition of CodeOne.
Baker Tilly has a Tech M&A Advisory team comprising M&A advisers who specialise in the acquisition and sale of technology companies, and which has consistently ranked amongst the top three in the mid- and small-cap technology market in Iberia.
Baker Tilly International’s corporate finance services include advising on cross-border transactions for clients operating in multiple markets. The Baker Tilly network spans more than 145 territories, with over 50,000 professionals working in more than 750 offices. Baker Tilly International is an international network of professional services specialising in advisory, consultancy, audit, tax, legal, accounting, employment and management services for SMEs and multinational companies.
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